Opendoor CEO Carrie Wheeler's Goldman Sachs Communacopia & Technology Conference
发布时间 2023-09-08 12:02:14 来源
Welcome to the Open Door presentation at the Goldman Sachs CommuniCopia and Technology Conference. I have the privilege of introducing Carrie Wheeler, CEO of Open Door Technologies. She served as CFO for Open Door for two years before being appointed at CEO in December of 2022. Before joining Open Door, she was a partner and head of retail and to her investing at TPG Capital.
欢迎参加高盛CommuniCopia和技术会议上的Open Door演讲。我有幸介绍Open Door Technologies的首席执行官卡丽·惠勒。在2022年12月被任命为首席执行官之前，她曾在Open Door担任首席财务官达两年之久。在加入Open Door之前，她是TPG Capital的合伙人兼零售部门主管。
My name is Mike King and I cover Open Door and Real Estate Technology here at Goldman. We have about 35 minutes for today's presentation, inclusive of audience Q&A. So if you have a question at any time during the conference, feel free to raise your hand and we'll get a mic runner over to you.
我的名字是迈克·金，我在高盛负责开放门和房地产技术。我们今天的演讲时间大约为35分钟，包括观众提问时间。所以，如果在会议期间你有任何问题，请随时举手，我们会派人给你传递话筒。
First, Carrie, thank you so much for making yourself available today. It's really a privilege to have you here at C. Thank you for having me. So Open Door is the leading I-Buyer in the United States, only about 1% of US residential real estate transactions occur online today.
首先，Carrie，非常感谢您今天能腾出时间。能够在C这里有您参与真是荣幸。感谢你的邀请。所以，开放式交易市场是美国领先的在线买卖平台，在美国，目前只有大约1%的住宅房地产交易是在线进行的。
So to start things off, could you talk about Open Door strategy to drive the digitization of US residential real estate? How is Open helping to reduce the complexity and uncertainty that's in the traditional home sales process? Yeah, if you think about US residential real estate, it's one of the by far the largest asset classes out there and yet it's probably the last one to be really seeing any meaningful disruption for digital innovation. And our vision is to create the market leading e-commerce platform for residential real estate so that customers can transact with a whole lot of certainty and simplicity and ease that they can't get through the traditional process.
首先，你能谈谈开放门户战略是如何推动美国住宅房地产数字化的吗？开放门户是如何帮助降低传统房屋销售过程中的复杂性和不确定性的呢？是的，如果你考虑美国住宅房地产，它是迄今为止最大的资产类别之一，然而它可能是最后一个真正经历有意义数字创新的领域。我们的愿景是创建住宅房地产市场领先的电子商务平台，让客户能够以传统流程无法提供的确定性、简便和轻松进行交易。
So you mentioned 1% online, that means 99% of home sellers today start the process, it's a traditional way, they find an agent, they spruce up their own for sale, they do all those risk pairs on spec, they list it, they endure open houses, hopefully they go into contract, hopefully they find a buyer. That in itself is bad, that's no fun. But one for those transactions that we actually fall through, most people don't realize that, so you got to start that whole thing all over again. And for about two thirds of sellers, they're also aspiring home buyers. And so they've got to figure out how do I put those two transactions together? Most people can't afford a double mortgage or a double move. So it's a really windy, uncertain, stressful process.
所以你提到了1%的在线交易，这意味着99%的房屋卖家今天仍然采用传统方式，他们找一个经纪人，他们亲手装饰自己的房屋待售，他们承担一切风险，挂牌出售，忍受公开展示，希望最终能与买家签约。这本身就很糟糕，没有乐趣可言。但是对于那些最终失败的交易，大多数人并不意识到，所以你必须重新开始整个过程。而且对于大约三分之二的卖家来说，他们还想成为买家。所以他们必须想办法如何将这两笔交易结合起来？大多数人负担不起双重抵押贷款或两次搬家。所以这是一个非常曲折、不确定、
And our vision is to just take all those friction and pain points out of it, put the process online and allow people to transact again with certain desuplicity and ease. And what we've had to do over the last 10 years is build the pricing system, the transaction system, the operating platform to allow people to do that. The net result though has been a product that people love. I mean, customers love it when they get our product and they transact that way, or in it, from motor score is like 80, which is fantastic. We're fighting against a traditional process that's not so great. So that's really the vision of what we're building over time. Today we're the, by far, the only player that can do this at scale for people. And we think we have incredible markets fit. And ideally over time, two years from now we'll be sitting here and it'll be as easy to sell your home as it is to hell your cab or your groceries online. Right.
我们的愿景是消除所有摩擦和痛点，并将流程搬上线，让人们可以再次以一定的容易度和便捷性进行交易。在过去的十年中，我们不得不建立定价系统、交易系统和运营平台，让人们可以这样做。而最终结果是一个深受人们喜爱的产品。我的意思是，当客户得到我们的产品并以这种方式或其中一种方式进行交易时，他们非常喜欢。我们正在与一个不太好的传统流程进行斗争。所以这真的是我们长期构建的愿景。今天，我们是目前唯一一个能够为大众规模化实现这一目标的参与者。我们认为我们拥有难以置信的市场适应性。理想情况下，两年后我们将坐在这里，卖房子和在线购物一样容易。对吧。
And I think it's clear that the home buying and selling process is probably one of the few industries that have yet to be disrupted by digitization and internet still. There clearly are some secular tailwinds there. But there are also some cyclical elements just operating in the US housing market. So could you talk a little bit about how the current macro environment is affecting open door? How has the rise in home prices in 2021? And then the subsequent normalization impacted opens ability to operate. Where are we in the recovery for open in that respect?
我认为很明显，购买和销售房屋的过程可能是为数不多尚未受到数字化和互联网冲击的行业之一。在这个领域显然存在一些结构性的助推因素。但美国房地产市场也存在一些周期性因素。所以您能谈一下当前宏观环境如何影响开放门计划吗？2021年房价上涨如何影响了他们的运作？随后的正常化过程对开放门的运营产生了哪些影响？在这方面，开放门的复苏处于什么阶段？
Yeah. I mean, I'm sure everyone in this room knows it's been a tumultuous time, right? And the housing market certainly over the last year and we've been in the middle of navigating that. And really our playbook and response to that has just been to really manage for risk. Number one, first order of business was to make sure that we were selling down what we call the old book of inventory as quickly and efficiently as possible. And good news is that's pretty much done. 99% of that is behind us.
是的，我的意思是，我相信在这个房间里的每个人都知道这段时间很动荡，对吧？尤其是房地产市场，在过去的一年里，我们一直在应对其中的困难。而我们对此的策略和回应，就是要注重风险管理。首要任务是确保我们尽快高效地卖掉我们所谓的旧库存。好消息是，这个任务几乎已经完成。99%的旧库存已经处理完毕。
Two is just build into a new book of inventory over time with much more attractive margins that were more appropriately priced in this environment. Three was to reduce costs. We have taken a significant amount of our cost structure. We took costs down by 50%. I'm sure we'll talk about that later.
随着时间的推移，2号只是一个全新的库存书籍，拥有更具吸引力的利润率，这在这个环境中定价更为合适。3号是为了降低成本。我们已经有效地降低了我们的成本结构。我们将成本降低了50%。我相信我们以后还会谈论这个问题。
And then four was really to reflect, frankly, in the lessons learned in 2022 as we think about how do we want to manage this business going forward and what are the appropriate risk guardrails we want to put in it in light of all the macrovolentility. So listen, 2022 coming into this year has not been easy. I think that when we look back at this time period and we say this internally, we're going to exit much better for it. We're going to be a better business. We're going to be leaner. We've really focused on refining our execution, focusing on what we control, taking costs out, improving price accuracy, and we're set up really, I think, having come through this period. We're kind of through the worst of it. We're kind of heads all that by now. And looking forward to 2024 and we're in good shape, I think, to start to rescale volumes.
然后，接下来的四年我们真的要反思一下，在思考我们如何继续管理这个业务，以及在宏观波动的背景下我们要设置什么适当的风险限制。所以听着，2022年对我们来说并不容易。我想当我们回顾这段时间并且我们内部说起这段时间时，我们会以更好的状态退出。我们将成为一个更好的企业，更加精炼。我们真的专注于完善我们的执行，专注于我们能够控制的事情，削减成本，提高价格准确性，我们已经通过这段时期，我认为我们已经度过了最糟糕的时期。展望2024年，我们处于良好的状态，我认为我们可以开始重新扩大规模。
That's great. Against the backdrop of more limited housing inventory and some continued uncertainty and pricing, I was wondering if you could talk a little bit about open doors, home purchase philosophy, and how that may be different relative to years as past.
太好了。在供应更有限、市场仍存在不确定性和价格波动的背景下，我想知道你是否能谈谈Open Doors的购房理念，以及相对于过去几年是否有所不同。
Yeah. I would say our home purchasing philosophy hasn't changed. What has changed is our risk posture and how we reflect that. And it really manifests itself in how we think about our spreads. And for us, when we say spreads, that's another way of saying, like, what is the discount by which we are buying that home? And we use that to moderate for risk and adjust for risk. If you think about our spreads, the components are, what is the margin target we want to achieve? What are the costs, our holding costs and selling costs? And how accurately can we price that home? We're in control of all those components. But we are not in control of. It's once we own that home, is that home going to appreciate on our watch, or is it going to depreciate? And those are really the factors we've been most focused on as of late given macro volatility.
是的。我会说我们购房的理念并没有改变。改变的是我们的风险承受能力以及我们如何反映这一点。这在我们思考我们的利润差异时真正体现出来。对我们来说，当我们说利润差异时，实际上是指我们以多大的折扣购买这栋房子？我们用这个来控制和调整风险。如果你考虑我们的利润差异，其组成部分包括我们想要达到的利润目标、持有成本和销售成本是多少？我们对所有这些组成部分都有控制权。但是我们无法控制的是，一旦拥有了这栋房子，这个房子会在我们手中升值还是贬值？这些因素是我们最近关注的因素，因为存在宏观波动。
You mentioned home prices. By far and away, like the biggest volume driver for businesses where spreads sit, and home prices are key input to that, given those building blocks I just mentioned. And when home prices are volatile, spreads are going to widen. So we've been operating with elevated spreads. There were record levels late last year. They've come down significantly. We'll continue to take them down through the balance of the year in Q4. But that home price volatility is tough, right? And we have to reflect that from a risk standpoint, and how we're pricing these assets. And you've seen that show up when our spreads widen. That means our offers are less competitive. That means for your people say yes to us. We convert lower. We have lower volumes. So we want home pricing stability. Good news is I think we're starting. We've been seeing that for a while now.
你提到了房价。毫无疑问，房价对于利润空间较大的企业来说是最重要的推动因素，而房价也是其中的关键输入，如我刚才提到的基石。当房价波动较大时，利润空间就会扩大。因此，我们一直在面对较高的利润空间。去年底利润空间创下了纪录水平，但现在已大幅下降。今年第四季度，我们将继续降低利润空间。然而，房价的波动性是一个挑战，对于我们从风险角度和资产定价角度来看，我们必须反映出来。当利润空间扩大时，意味着我们的报价较不具竞争力，也就意味着人们对我们的接受程度较低，转化率也较低。因此，我们希望房价能保持稳定。好消息是，我认为我们已经开始看到这一点了，而我们已经观察到了一段时间。
The other piece of the equation that you mentioned was what's going on with market volumes. And there's a lot of focus and there's a lot of attention on like people aren't moving. The weight lock phenomenon. I can't give up my 3.5% mortgage. Don't blame them. But for us, that's not really the constraint. We are a very small piece of what is this enormous market still. And so long as we can offer to people something for their home with a lower spread, that is really the driver for volumes for us. The market volume factor is really not the headwind. Not when we're like less than 1% share of the market.
你提到的方程中的另一部分是市场交易量的情况。人们对此非常关注，很多人都在关注人们不愿意搬家的情况，即房屋锁定现象。我理解他们，谁愿意放弃3.5%的按揭贷款呢？但对于我们来说，这并不是限制因素。我们只是这个庞大市场中的一个微小部分。只要我们能够提供一个更低点差的房屋交易方案，这就是推动我们交易量增加的动力。市场交易量因素并不是我们所面临的阻力。特别是当我们在市场上份额还不到1%的情况下。
That's super interesting. So what are you looking at to see when it's appropriate to further narrow those spreads and increase that acquisition pace over time? And is there a target home inventory balance that you managed to? How do you think about that over the next couple of years?
这非常有趣。那么，您在寻找什么来确定何时适当进一步缩小这些差距，并增加并购速度呢？您设定了目标的房源库存平衡吗？您如何在接下来的几年内考虑这个问题？
Yeah, when we talk about our last quarter, right now we're pacing at around 1,000 home acquisitions per month. And we didn't foresee that to change meaningfully and go higher through the balance of the year. And the reason for that is we don't see spreads moving much. And the reason for that is because we are still forecasting for the back half of the year that home prices are going to be modestly negative month to month. And that's pretty consistent with frankly with home seasonality. That's what home prices typically do in the back half of the year. But we're pricing that in today. So that's going to be a headwind to compressing spreads. However, by the time we get into Q4 and we're looking into the first part of next year, again from a home seasonality perspective, that turns into a tailwind. And we should be able to compress spreads on the back of that.
是的，当我们谈论我们上个季度的时候，目前我们每个月的家庭收购量大约在1,000套左右。我们没有预料到这种情况会发生实质性改变并在年底之前上升。原因是我们没有看到利差有太大变动的迹象。原因是因为我们仍然预测今年下半年的房价将会逐月呈现温和下降。这与房屋季节性相当一致，因为一般在年底的后半年，房价通常都会下降。但我们今天已经将这一点计入考虑范围。所以这将对压缩利差产生阻力。然而，到了第四季度和明年初，从房屋季节性的角度来看，这将成为一个有利因素。我们应该能够在此基础上减少利差。
So as we think about going from 1,000 home acquisitions per month, how do we double those? And then the doubling for us is like where we get back to break even. One is compressing spreads. And we'll be able to do that starting in Q4 on the back of home seasonality. We've also made really good progress on improving our own price accuracy and taking cost of the system. That'll also help us reduce spread. So that's 1.
那么当我们考虑将每月的住房收购数量从1,000增加到2,000时，我们该如何实现这个目标呢？然后对我们来说，实现翻倍效果就好像我们回到了盈亏平衡的状态。首先是压缩利差。我们将能够在第四季度开始通过住房季节性来实现这一目标。我们还取得了在提高我们的价格准确性和降低系统成本方面取得的很好的进展。这也将帮助我们减少利差。所以这是第一点。
When our spreads are elevated, our paid marketing is less efficient. And so we have been taking down our paid marketing meaningfully this year, down 80%. But again, as we start to compress spreads, that means paid marketing becomes more efficient. We start to turn that back on. You'll see that come back in the system in the first part of next year. And then the third part, it would just be around partnerships, which hopefully we'll talk about a little bit today, because it's a big part of our strategy. But just driving more volume through our partnership channels, aging home builders, and online and real estate portals. And so again, if we're more efficient on the spread side, those channels frankly are also more efficient for us. So all those three reasons.
当我们的利差增加时，我们的付费营销效率就会降低。所以今年我们已经显著降低了我们的付费营销，减少了80%。但是随着我们开始压缩利差，这意味着付费营销变得更加高效。我们开始重新启动它。你将会在明年初看到它重新进入系统。然后第三个部分就是关于合作伙伴关系，希望今天我们可以谈谈一些，因为这是我们战略的重要组成部分。通过与合作伙伴渠道、老龄房屋建筑商、在线房地产门户网站等增加更多的交易量。所以，基于这三个原因，如果我们在利差方面更有效率，这些渠道对我们来说也更有效率。
We peaked at around 5,000, 6,000 home acquisitions per month. So for us, the notion of going from 1,000 to 2,200 is fine. We feel very comfortable with that target, and that takes us back to the break-even level. Great.
我们每月的住宅收购数量一度达到了大约5,000到6,000套。因此，对我们来说，从1,000增长到2,200的想法是可以接受的。我们对目标非常满意，这使我们重新回到了盈亏平衡水平。太好了。
And you talked about how narrowing spreads could help improve conversion. But I was wondering also if you could just comment on the value of the open door brand, right? And how that brand has helped to drive traffic into the top of funnel, and some of the efforts that you're making there. Because that seems like a more durable benefit over time, particularly as you spend a lot of time operating in a specific market.
你曾谈到如何缩小差距可以帮助提高转化率。但我想知道您对开放式门户品牌的价值有何评论呢？以及该品牌如何帮助吸引流量到销售漏斗的顶部，以及您在此方面所做的一些努力。因为随着您在特定市场进行大量运营的时间增长，这似乎更具持久优势。
Yeah, I mean, it shows up when you look at awareness over time, and you look at it by market. It sounds kind of tried to say, just give us some more time. But actually time actually does see the awareness, time and scale. So as we have gotten to be bigger now around 53 markets, our ability to market nationwide is much more efficient, and to build a brand and do creative and all that stuff is way more efficient than it would have been, say, two years ago when we were more restricted in what we could spend and we were doing it on a local level. So listen, we aspire to be a verb. We want everyone to start their home process with open door to be very top of mind. But as we've been in markets for longer, we've seen awareness increase, and that does actually, frankly, drive some conversion for us too. And we want to be more top of mind.
是啊，我的意思是，当你观察市场意识的变化时，它会显现出来。这听起来可能有点陈词滥调，只是给我们更多的时间。但实际上，时间的变化确实能看到意识的提升，同时也与市场规模有关。随着我们在53个市场的扩大，我们在全国范围内市场推广的效率要高得多，品牌建设和创意等方面也更加高效，相比两年前我们受到更多限制和局限性地进行推广。所以听我说，我们渴望成为一个动词。我们希望每个人都以开放的心态开始他们的家居过程，让开放之门牢记在心。但随着我们在市场中存在的时间越久，我们看到人们对我们的认知度增加，这确实对我们的转化率有一定的推动作用。我们希望能更多地被人们所关注。
Right. I'm sure your market share is well above 1% in some of your most mature markets.
没错。我相信在你们最成熟的市场中，你们的市场份额肯定超过了1%。
It is. You know, if you, we published, I think, in the last shoulder letter, but if you go look at last year, there are markets we've been in, say, you know, six, seven, eight years, and that was at 4% market share last year. We have relatively younger markets that we were open in 2021, and that was at 70 basis points. And so just, again, with time and maturity and awareness, we're able to kind of build it to share. Part of that is brand awareness. People just understanding that there's an option. And part of it also is building this retention of customers who have been coming to us over time. You may not be a true seller today. You do want to understand the value of your home. But we're going to keep you in our system. We're going to engage with you. We're going to talk to you. In those markets with 4% share, we've had as much as 40% of the homeowners in that market come to us, give us their address, tell us about their home. But those younger markets say 20% of those customers. So, again, having that retained base of customers continue to drive future contract volumes is also another driver of growth.
这些内容我认为在我们上一封通讯中可能已经提到过，但是如果你回顾去年，我们曾经进入过一些市场，已经在那里存在了六七八年，市场份额却只有4%。我们相对较新的市场是在2021年开始进入的，市场份额只有70个基点。所以，正如时间和经验的增长以及市场认知的提高，我们能够逐渐增加市场份额。其中一部分是品牌认知度的提高，人们开始了解到有另一种选择。另一部分是保持客户的留存，这些客户随着时间的推移一直选择我们。也许你现在不是真正的卖家，但你想了解你的房屋价值。我们会将你纳入系统，并与你保持联系。在那些4%市场份额的市场中，我们有多达40%的房主向我们提供了他们的地址和房屋信息。而在较年轻的市场中，这个比例为20%。因此，拥有一批留存的客户继续推动未来合同交易量也是增长的另一个驱动因素。
Right. The value just compounds over time. Maybe shifting gears a little bit and talking about financials. So, Open Door has a goal of achieving adjusted net income profitability by 2024. Are you on track to achieve that? What are the actions that you're taking to make progress toward that goal? And what conditions are you assuming in the housing market to hit that target?
没错，价值随着时间的推移而不断增长。也许稍微转换一下话题，来谈谈财务情况吧。因此，Open Door的目标是在2024年实现调整后净收益的盈利能力。您是否在实现这个目标的道路上？您正在采取哪些行动来迈向目标？而为了实现这一目标，您对房屋市场的条件有何预设？
We're entirely focused on getting back to break even. We want to be back to a position where we're self-sustaining. Right. And then we can decide from there how fast you grow, what else you invest in. But getting back to, for us, what we call adjusted net income positive is the goal for next year. And the entire Oregon is geared to that goal. What do we have to be to do that? One is, let's just make one caveat that the macro can't go way backwards. Okay. So, a relatively stable environment. What kind of end right now from a home pricing standpoint?
我们完全专注于回归到盈亏平衡点。我们希望回到一个自给自足的位置。是的，然后我们可以根据情况决定您的增长速度，以及其他您可以投资的项目。但对我们来说，回到我们所称之为调整后的净收益为正是明年的目标。整个组织都以实现这一目标为导向。要达成这一目标，我们需要做什么？首先，让我们先做一个假设，就是宏观环境不能有大幅倒退。好的，一个相对稳定的环境。从房屋定价的角度来看，现在是什么情况？
I made my comment about market volumes already. They can still be depressed and that's not going to impact our ability to get back to that level. We need to be at a $10 billion kind of steady state revenue run rate to be at that level. And again, we need to double our volumes from where we are today. 1,000 home acquisitions per month, getting back to say 2,200. And we'll stay tight on cost. And just continue to execute. And it's really not any more complicated than that. And they said the whole organization is pretty resolute, but that's what we're getting back to next year.
我已经发表了关于市场交易量的评论。它们可能仍然低迷，但这不会影响我们恢复到那个水平的能力。我们需要达到每年稳定收入为100亿美元的水平。再次强调，我们需要将交易量翻一番，从今天的每月1,000套房屋收购增加到2,200套。我们将严控成本，并继续执行。事实上，没有比这更复杂的了。他们说整个组织都非常坚决，明年我们就能回到那个水平。
That's great. And you know, you have seen the improved profitability in some of your New York cohorts already. Right. Union economics improved last quarter with contribution margins, on newly acquired homes reaching 10.6%. You also revised your contribution margin target to 5 to 7% in the past quarter. You know, what's been driving that growth is that the benefits from home price appreciation and some of these newly acquired cohorts perhaps because of the wide and spreads. Is it some of the adjacent services? You know, what's the trajectory for contribution margin for the rest of the year? Q3 can't come fast.
太好了。而且你知道，在纽约的一些同行中，你已经看到了盈利能力的提高。对吧。联盟经济上个季度改善，新购房屋的贡献利润率达到了10.6%。你还将贡献利润率目标修订为5%至7%。要知道，推动这种增长的原因是房价增值带来的好处以及一些新购同行可能因为较大的利润差异。这是一些相邻服务吗？你知道，今年剩下的时间贡献利润率的发展趋势如何？第三季度快来了。
Well, we're in it now, but it can't come fast enough when we get to talk about it because we know that that's the affliction point for us to get back to positive contribution margins. And that has everything to do with the transition away from the old book and back to basically the new book, a healthy new book of inventory and that's showing up in the margins. You mentioned the new book performing really well in Q2, 10.6% contribution. Two parts of that is we've continued to focus on better price accuracy and operating efficiencies that showed up in the cohort. And the other piece of it was home price appreciation definitely outperformed our underwriting. And we underwrote those homes.
嗯，我们现在已经在其中，但当我们谈论它时，它绝对不会来得快，因为我们知道这是我们恢复积极贡献边际的困境点。这与过渡离开旧书籍回到基本上全新的库存书籍有密切关系，而这也反映在边际上。你提到在第二季度，新书表现非常好，贡献达到10.6％。其中的两个因素是我们持续关注更好的价格准确性和运营效率，这在同组中得到体现。另一个因素是房价增值明显超过了我们的核保水平。我们对这些房屋进行了核保。
It was a moment of really peak uncertainty. We were careful in how we underwrote those homes and HPA outperformed and that shows up in the 10.6%. We do expect that over the course of the year, we will get to our 5 to 7% target by Q4. And that's just a function of those cohorts selling through overtime and back to our targets. We did as you noted, we took our target margins up this year from the 4 to 6% annual target we've always talked about to 5 to 7%. And the reason for that was twofold was like, I guess, one was we should and two was we could.
这是一个非常不确定的时刻。我们在核准房屋方面非常谨慎，而HPA（房屋价格指数）的表现优于预期，这反映在10.6%的数据上。我们预计在今年的过程中，到第四季度时，我们将达到5%至7%的目标。这只是逐渐实现这些群体销售并回到我们的目标的一个过程。正如您所提到的，我们将今年的目标利润率从一直以来的4%至6%提高到了5%至7%。这是由于双重原因，一是我们应该这样做，二是我们有能力做到。
We should because it speaks to having a more durable business and we want to get back to break even on a cash flow basis. And two, we believe we could. We were very focused on this 100 basis points of incremental costs. In 2023, we've got a big chunk of that. We'll get the rest of that. And that allowed us to take our margin targets up. So we're very focused on like, what can we do to improve the business in durable ways? And that really allowed us to raise our target margin.
我们应该这样做，因为这对于拥有一个更持久的业务很重要，并且我们希望在现金流基础上回到盈亏平衡。其次，我们相信我们能够做到。我们非常专注于这100个基点的额外成本。在2023年，我们有了这一部分的成果，我们将得到其余的成果。这使我们能够提高我们的利润目标。因此，我们非常关注如何以可持续的方式改善业务，这实际上帮助我们提高了目标利润率。
Great. Maybe working our way down past contribution margin. Could you talk a little bit about Open Doors, current funding structure, the capacity, the cost of that? How has the funding environment and the risk of extending holding periods, extended holding periods, affected how you think about the optimal funding channel and mix and business model?
太好了。也许我们可以通过贡献边际逐步解决。您能谈谈Open Doors计划的现有资金结构、承载能力以及相关成本吗？资金环境和延长持有期限的风险对您对最佳资金渠道、组合和商业模式的思考有何影响？
Yeah. And then we feel actually really good about our current funding structure both today and going forward. If you kind of think about all the components, one on the balance sheet side, we have about a billion, six apparent capital. And within that is a billion, two of unrestricted cash and a little under $300 million of equity invested at home that hopefully over time, we'll try and decash. So we're well capitalized in just in terms of parent capital. And then on the debt side, we have about $2.5 billion of term loans that are fixed rate. We like what those are priced right now.
是的。然后我们实际上对我们当前的资金结构感到非常满意，无论是今天还是未来。如果你考虑所有的组成部分，我们在资产负债表方面有大约16亿美元的明显资本。其中包括12亿美元的无限制现金和不到3亿美元的国内股权投资，希望随着时间的推移，我们会逐步减少现金。因此，从股本方面来说，我们的资本充足。然后在债务方面，我们有大约25亿美元的固定利率贷款。我们对当前的定价感到满意。
And if you think about, again, back to this $10 billion steady state revenue number, can you finance it? It might be in your questions. And we turn our inventory three times a year, just with those facilities alone, that gets us back to that break even target. We have another $5 billion of revolver capacity that we're not using right now, given that our inventory levels are low, but they're available to us. So as we rescale the business, as we grow, we can tap into those two, should we need to. So we feel very, very good about our funding capacity. We also feel very good about just the state room with our lenders. Our team's done a great job since really inception about building these lender relationships, being very purposeable about creating staggered and ruling charities, were diversified across 30 lenders. We wrote through COVID with them. They didn't blink. We've been for 2022 with them. They've been fine. And so we feel really good about how our positioned.
如果你考虑一下，再回到这个每年稳定收入100亿美元的数字，你能负担得起吗？这可能是你的问题。而且我们每年以3倍的速度周转库存，仅凭这些设施，我们就能达到盈亏平衡的目标。我们还有另外50亿美元的循环贷款额度目前没有使用，因为我们的库存水平较低，但是它们对我们来说是可用的。因此，随着我们重新调整业务规模，增长，我们可以利用这些额度，如果需要的话。因此，我们对我们的融资能力非常非常有信心。我们对与贷款人的关系也非常满意。我们的团队在创立以来一直做了很棒的工作，建立了这些贷款人关系，非常有目的地创建了交叉和掌控的慈善机构，我们在30个贷款人之间进行了分散。我们和他们一起度过了COVID，他们没有动摇。我们和他们一起度过了2022年，他们一直很好。所以我们对我们的处境感到非常满意。
That's great. I was wondering if you could just talk about what your holding period looks like today and how does that compare to your target holding period? Obviously, at the industry level, home sales, velocity and volume has been lower than it was in 2021. So how do you think about the holding period? It's interesting. Home market volumes are certainly down a lot, right? 4 million homes plus or minus right now trading, but still 4 million homes. But against a backdrop, maybe last year, like six, right? So they've come down a lot. What people don't talk maybe as much as that. Actually, when I think about velocity, I think about what is the rate by which homes are selling and against that constrained supply and not much new listing inventory coming to the market. Homes are actually selling really fast. We do not have a home selling problem. The industry doesn't have a home selling problem. So the home builders are doing so? Well, even on the existing homes, if you think about, we track market clearance and it's like how many homes that are listed go under contract every single day. And right now in Q2, that was 3%. So 3% of every homes that were listed were going to contract every single day. If you look back over, say 2016 to 2020, kind of normal times, right? I'll strip that 21, 22, that number would have been 1 to 2%. So actually, the velocity transactions is very healthy. So we feel good about that. So again, the industry doesn't have like a home selling problem. They kind of have an inventory problem. But against that backdrop of a low inventory, homes are selling. There's still 4 million people moving.
太好了。我想知道你目前的持有期是什么样的，与你的目标持有期相比如何？显然，在行业级别，房屋销售的速度和交易量比2021年要低。那么你是如何考虑持有期的呢？有趣的是，房屋市场的交易量确实大幅下降了，对吗？现在大约有400万套房屋在交易，但仍然是400万套。但是与此同时，去年大约是六百万套，所以已经下降了很多。人们可能不太谈论的是，实际上当我考虑速度时，我考虑的是房屋的销售速度，以及相对于有限的供应和市场上不太多的新房源。房屋实际上卖得非常快。我们没有房屋销售问题。整个行业并没有房屋销售问题。那么房屋建筑商做得怎么样？即使是在现有房屋市场上，如果你想一想，我们追踪市场的清算率，即每天有多少房屋被列出并达成合约。而目前在第二季度，这个数字是3%。也就是说，每天有3%的房屋被列出并达成合约。如果回顾一下，比如2016年到2020年，相对正常的时期，在剔除掉2021年和2022年的情况后，这个数字通常是1%到2%。所以实际上，交易速度非常健康。所以我们对此感到满意。所以再说一次，整个行业并没有像房屋销售问题。他们可能更多地是面临库存问题。但在这样一个库存较低的背景下，房屋仍然在售出。仍然有400万人在搬家。
You mentioned at the onset that you guys are doing a lot in terms of cost-discipline and operating efficiencies. I think the annual run rate op-ex has gone from a peak of $800 million in Q2 to about $400 million today. So just a tremendous amount of savings that you guys have been able to realize. Could you talk a little bit more about your outlook for op-ex and where most of those cost efficiencies and last year were realized? Do you ever worry that you cut too much, cut the bone? Or was that kind of very effective cost savings that you guys were able to bring out?
你在一开始提到你们在成本控制和运营效率方面做了很多工作。我认为年运营费用从二季度的峰值800亿美元下降到今天的约400亿美元。所以你们已经实现了非常可观的节约。你能否再详细谈谈你们对运营费用的展望，以及去年实现这些成本效益的大部分地方？你是否担心你们削减太多，削弱了核心实力？还是说这些成本节约非常有效？
Yeah, I think we did a lot. We went from $100 to $400, you said. That was a significant amount of retrenchment of cost. We talked about op-ex for us. It includes marketing. It includes variable S, G and A. It tends to be more tethered to volumes. It includes our fixed cost structure. And we went after all three. I'd say today we're, you know, and we got into Q3, we'll be at $100 million a quarter. That feels about right for where we're at right now. And the next year as we get back to the $10 billion number, we've said like op-ex should be in a 4 to 5% of revenue range. That would be $400 to $500 million. So it suggests that some of that will come back in the system, but certainly not all of it. I mean, a lot of, again, we've been very focused on when we cut costs, we want to do so in a durable way, where it had come from. It came from a lot of headcount. We did have a significant reduction in force, a lot against the more volume driven sides of our business. And then I would say just a lot of good old-fashioned cost-cutting. You know, here's an example. We didn't have a procurement, a significant procurement effort, you know, say 18 months ago. We do now. And we just scrutinized everything. And when you go for a moment in 2022, you look at every line at them. And we've done that. And I feel like a lot of that will stick.
是的，我认为我们做了很多事情。你说我们从100美元增加到了400美元。这是一笔相当大的成本紧缩金额。我们讨论了我们的运营支出。包括市场营销。包括变量销售、管理和一般费用。它更加与销售量相关。它包括我们的固定成本结构。我们对这三个方面都进行了追踪。我想说现在我们已经到了今天，进入第三季度，我们的每个季度收入将达到1亿美元。这感觉应该是我们目前的状态。而明年当我们恢复到100亿美元的收入时，我们已经说过运营支出应该在4%至5%的营收范围内。那将是4亿到5亿美元。所以这意味着一些成本将回到系统中，但肯定不是所有的。我的意思是，我们一直非常关注在削减成本时，我们希望以一种持久的方式来削减，要关注它来自哪里。它来自很多的员工人数。我们确实有大规模的裁员，主要针对我们业务中与销售量有关的方面。然后我可以说还有很多经典的削减成本方法。 你知道，作为一个例子，18个月前我们没有一个重大的采购工作。而现在我们有了。我们对每一项进行了仔细审查。当你看着2022年的那一刻，你会审视每一条线。我们做到了。我觉得很多这样的做法会保留下来。
Great. I do want to talk about some of Open's initiatives beyond traditional eye buying. You know, one is open door exclusives. You talked a little bit about some of the opportunities in variable S&A. And I know that exclusives, in some instances, can really help with that as well, just because of the absence of buyers commissions that need to be paid if you're helping to connect with an institutional investor.
太好了。我确实想谈谈Open公司在传统媒体购买之外的一些倡议。你知道，其中一个是开放门户独家活动。你稍微提到过有关变动附加费的机会。我知道，在某些情况下，独家活动确实可以帮助解决这个问题，因为与机构投资者建立联系时无需支付购买佣金。
So maybe you could just, you know, describe Open Door exclusives in more detail. How important is it? You know, what are the long-term plans there?
或许你可以更详细地描述一下Open Door的独家服务。它有多重要呢？长期计划又是什么呢？
Yeah. So if you think about our business today, we're an on-balance sheet business, right? You come to us. We buy the home. We take it on balance sheet. We're a dealer business. And the evolution of business, if you need to look at the Series A pitch deck to keep me honest, the grand mission was always over time to build the first-party business, but over time to basically create a marketplace business. And what do you need to have a marketplace business? You need density. You need buyer liquidity.
是的。所以，如果你考虑一下我们今天的业务，我们是一家资产负债表业务，对吧？你来找我们。我们买下房屋。我们将其记入资产负债表。我们是一家经销商业务。而业务的发展，如果你需要查看A轮融资的演示文稿来确保我的诚实，那么我们的宏伟目标一直是逐步建立第一方业务，但最终创建一个市场业务。而要创建一个市场业务，你需要什么？你需要密度。你需要买家流动性。
So we've done the first part pretty well. We'll continue to grow the first-party business. But for us, exclusives is basically fulfilling, you know, the broker side of the business. And how do we put buyers and sellers together in a way that is more capital-like, more capital-efficient, and allows us to address more sellers, right? We want to turn anyone away because our spreads are unattractive. We want to be able to offer a solution to all sellers.
我们已经成功地完成了第一部分。我们将继续发展第一方业务。但对于我们来说，独家代表着实际上满足了我们业务的经纪人方面。我们希望以更具资本特性和高效性的方式将买家和卖家联系在一起，并且能够应对更多的卖家对我们的利润差不感兴趣而拒绝我们的情况。我们希望能够为所有卖家提供解决方案。
So a seller comes to us. Obviously, we're transacting with lots of buyers in the market. We should be able to match them up. We have gone after this right now in one market because we want to perfect it before we scale it. We're focused on plano and surrounding areas.
所以一个卖家来找我们。显然，我们在市场上与大量买家进行交易。我们应该能够配对它们。我们现在在一个市场上进行此项工作，因为我们想在扩展之前完善它。我们的重点是普拉诺市及其周边地区。
Today, someone comes to us and they get a cash offer and we ask if they would put their home in the marketplace and give us time to basically come up with offers that will beat our cash offer. Great. You know, we'll give you a buyer that we know is in the market looking for your three-bedroom, two-bath home. We can give you an offer from a REIT. And if it's better, that's great for the seller. That's what we're trying to build. It's going to take time though. We're not doing it in a moment where I'd say the macro is necessarily a great tailwind, right? For all the reason we talked about, sellers aren't really kind of coming out of the woodwork quite yet. And we want to be deliberate about how we scale it. So it'll take some time, but it's something that we're focused on delivering over the long-term. It's a perfect complement to our existing 1P business. We should have it over time.
今天，有人来找我们，他们得到了现金报价，我们问他们是否愿意把他们的房子放到市场上，并给我们时间来制定能够击败我们的现金报价的报价。很好，我们知道一个正在市场上寻找你们这套有三个卧室，两个卫生间的房子的买家。我们还可以提供一个房地产投资信托的报价。如果它更好，对卖方来说就很好了。这就是我们试图构建的。不过，这需要时间。基于我们之前谈到的原因，卖方们还没有真正纷纷涌现出来。我们希望在扩大规模时要审慎。所以这需要一些时间，但这是我们专注于长期交付的东西。这是我们现有一级供应业务的完美补充。随着时间的推移，我们应该能够实现。
Right. That's all super interesting. And you guys have done a great job building out that home seller density. Maybe you can just talk a little bit more about what you're doing on that prospective home buyer side from institutional buyers like REITs or single-family rentals or perhaps investors that want to do a fix and flip or a short-term rental. What is that side of the equation? In terms of us working with that universal buyers or us?
没错，这些都非常有趣。而且你们在拓展卖房者密集度方面做得很好。也许你们可以再多谈一些关于潜在购房者方面的情况，特别是像房地产投资信托（REITs）或单户家庭租赁以及希望进行翻修和短期租赁的投资者。在这个方程中，我们是如何与这些潜在买家合作的？
Yeah, that universal buyers to allow you to drive a transaction in a more capital efficient way where it's not a 1P transaction.
是的，这个通用买家让您以更加资本高效的方式推动交易，而不是一对一的交易。
Well, it's interesting as you think about building a marketplace, right? I just talked about you need a lot of buyer density. The good news is there's like 60 rates to go talk to. We know all of them because we do business with the vast, vast majority of them today. We've been doing that for many, many years and we have great longstanding relationships. So that piece of the marketplace is easier. And then the consumers, you want obviously thousands and thousands and thousands of millions of consumers like individual consumers on the buyer side, harder to get, will come with time. Right. But those relationships, they're really longstanding for us. We have moments where maybe we can't fulfill a seller's valuation desires, but we can marry them with a REIT. So we've been doing that for a long time.
嗯，想想建立一个市场是很有趣的，对吧？我刚刚谈到买家密度需求很高。好消息是有大约60家机构可以与之交谈。我们已经与其中绝大多数进行业务往来，对它们了如指掌。我们已经做了很多年了，并且建立了良好的长期合作关系。所以市场的这一方面较容易实现。而对于消费者，显然要吸引成千上万的买方个人，这是更难实现的，但会随着时间的推移而达到。对于我们来说，这些合作关系是确实长期的。可能有时我们无法满足卖方的估值要求，但我们可以将他们与房地产投资信托公司结合起来。我们已经做了很长时间这样的合作。
Great. I was wondering if you talk a little bit about the progress that you're making in Tylen Mortgage and any other, any other, any other, any other, that you may be pursuing.
太好了。我想知道你能否稍微谈一下你在 Tylen 抵押贷款方面取得的进展，以及你可能正在追求的其他事情。
Yeah. I love our Tylen Mortgage business. It took our Tylen F-code business. It is the little engine that could, that we don't talk about so much. It is, it attaches at, you know, well north of 80% on both sides of the transaction for us. We own it vertically integrated. It's got amazing CSAT scores. And we'll continue to just invest in it from a technology standpoint. Certainly AI has a lot to offer that business over time. It's still a relatively paper intensive business that deserves to have some AI attached to it. So we'll continue that into drive more profitability in that business over time, but it's pretty optimized actually. Team has done a really good job there.
是的，我喜欢我们的泰伦抵押业务。它起源于我们的泰伦F码业务。它就像是那台坚定的小火车，虽然我们不经常提起它。这项业务为我们提供了80%以上的交易业务双向收益。我们垂直整合了它，并且客户满意度评分极高。我们将在技术方面持续投资，特别是人工智能在这个业务领域的潜力。目前，这个业务相对来说还是相当依赖纸质文件的，因此有必要引入一些人工智能的技术。这样，我们将逐渐提高该业务的盈利能力，尽管目前已经相当优化了。团队在这方面做得非常出色。
We are further behind on mortgage. We fulfill that today through a partnership. And over time though, I mean, medium term I'd say, we really want to make sure that we are fulfilling more on the services side, but it really has not been in 23, 2022, a core focus of ours. Sure. That's totally fair.
我们在抵押贷款方面进展较慢。如今，我们通过合作来实现这一目标。然而，从长远来看，我指的是中期，我们真正想要确保更多地在服务领域取得进展，但事实上在2022年之前，这并不是我们的核心重点。当然，这完全合理。
I do want to leave time for audience questions, but before I open it up for Q&A, maybe I'll just sneak one more in. And it's one about market performance. What are some of the most attractive regions for I buying today? As you think about growing the business, do you see opportunities to get deeper in your current markets or expand into other markets? How do you think about market expansion in the near to mid-term?
在我开放提问环节之前，我确实希望为观众的问题留出时间，但或许我可以再偷偷加一个问题。这个问题与市场表现有关。如今，哪些地区对于在线购物非常有吸引力？当您考虑业务增长时，您是否看到深入当前市场或进入其他市场的机会？您如何考虑近中期的市场扩张？
Yeah, I mean, against this, you know, $2 trillion market we've been talking about today when we define our buy box. And by the way, buy box means what are the universal homes that you think you can underwrite with a reasonable level of accuracy? And for us, it's defined by price point. It could be year of the home. It could be a zip code. I mean, there's all sorts of parameters to define our buy box. But today we can underwrite about $2 trillion. About a third, $650 billion is our addressable market in our existing footprint, our 53 market. So we have a lot of headroom. We have a lot to go after. You know, we just focused on our existing footprint alone of the 650. There's a lot to go get. If you think about our earlier conversation around market share and we just focus on that 650 and we can take every market to that 4% level, that's a $26 billion volume business. But certainly over time, we want to continue to pursue additional buy box expansion, additional markets with love nationwide coverage. We took a beat in 23 in 2022 for good reason. But again, as we get back in 2024, we'll start to kind of pursue those things again.
是的，我的意思是，在我们定义我们的买房条件时，这个市场价值为2万亿美元。顺便说一下，买房条件是指你认为可以准确核保的通用住房。对我们来说，它是由价格点定义的。也可以是房屋的年份，或者是邮政编码。我是说，有各种各样的参数来定义我们的买房条件。但是今天我们可以核保2万亿美元。其中约三分之一，即6500亿美元是我们现有市场范围内的潜在市场。所以我们还有很大的潜力可以开发。如果你考虑我们之前关于市场份额的谈话，我们只关注这6500亿美元，如果我们能将每个市场的份额提升到4％，那将会是一个市值为260亿美元的业务。但是随着时间的推移，我们希望继续追求额外的买房条件扩展，并进军更多的市场，实现全国覆盖。由于充分理由，我们在2022年暂缓了一下，但是在2024年我们将开始再次追求这些目标。
Great. Any questions from the audience? I've got one over here, please. I think this is the library that more on that 5% talk about. Where do you win and which customers is attractive for? And when you talked about the markets where you had like 4% share, but I think 40% share. But I think 40% you said would come and talk to you. Like, why doesn't that confer it at a higher rate?
非常好。观众有任何问题吗？我这边有一个，请发言。我认为这个图书馆是那个5%谈论的地方。您在哪里赢得，哪些客户对您有吸引力？当您谈到市场份额只有4%的市场时，我认为实际上是40%。但是，我记得您说过40%的人会与您交谈。为什么这些人不以更高的比率成交呢？
Yeah, I might forget some of those. So what kind of buyer comes to us for the first question? Honestly, they just look like the average American home seller. Like our average consumer is buying an average price point home. Average is varied a little bit by market, but we want to be at that part of the distribution curve that has the most liquidity, the most velocity. They look a little bit younger. They're a little bit more double income and kids. Probably a little more time-star. They need our product more. They look pretty average. That's it. They really look like they're not some tail type of customer type. It's really like the average American home seller.
是的，我可能会忘记其中一些。那么，有什么样的买家会来找我们询问第一个问题呢？说实话，他们看起来就像普通的美国房主。就像我们普通的消费者购买普通价格的住房一样。市场会有一点点差异，但我们想要处在分布曲线的那一部分，即具有最高流动性和速度的部分。他们看起来有点年轻。他们有点双收入家庭且有孩子。可能有点更为急迫。他们更需要我们的产品。他们看起来很普通。就是这样。他们真的看起来不像某种特殊类型的客户。实际上，他们就是普通的美国房主。
Why do more people like this? Oh, so why the 4% share versus the 40% have come to us over time? Listen, I think, first of all, a lot of people come to us and we're delighted. You come to us, you get a free cash offer, and you can understand the true value of your home. We do not sell that lead. We do not spam and send you off to a bunch of realtors. We keep in our system, and we continue to educate you about how your home values change over time. And they engage very frequently with us. They want to know how to refresh their offer, what's happened to it. And that actually drove 70% of our contract last quarter. People who had previously asked for an offer and then just re-engages over a subsequent period of time.
为什么越来越多的人喜欢这个呢？哦，那为什么之前只有4%的份额，现在却增加到了40%呢？听着，首先，很多人来找我们，我们对此感到高兴。你来找我们，就可以得到一个免费的现金报价，你可以了解到你的房屋的真实价值。我们不会销售这些线索，也不会用垃圾邮件把你送给一群房地产经纪人。我们会将您的信息保存在我们的系统中，并继续教育您关于您的房屋价值如何随着时间变化。他们经常与我们互动。他们想知道如何更新他们的报价，以及发生了什么变化。事实上，上个季度我们70%的合同都是来自之前曾询问过报价，然后在随后的一段时间内重新开始与我们互动的人们。
I think that 40% to the 4% is curiosity. It's great. The more people we can cover in a market, it's great for us. We'll convert them over time. We look at everyone as a future home seller. Maybe not today, but in the future.
我认为40%到4%的差距就是出于好奇心。这非常好。我们能够覆盖市场中越多的人，对我们来说就越好。我们会逐渐转化他们。我们看待每个人都可能是未来的房地产卖家，也许不是今天，但将来会是。
Just to pull up on that question, the 40% that do check the prices, do you have a sense based on servo work or competitive survey or analyses, what percentage of them actually ended up selling their home and measure conversion that way? I imagine especially in this environment, you're not losing to them selling to somebody else. Like a competitor. It's probably they just didn't end up selling their home.
就那个问题，只有40%的人会去查看房价，您是否能够根据服务工作，竞争调查或分析来估计其中有多少人最终出售了他们的房屋，并且以此来衡量转化率？我想象特别是在这种情况下，您不会因为他们卖给其他人而失去客户，可能只是因为他们最终没有卖掉他们的房屋。
One of the things we talk about is what is a true seller. And the way we define a true seller is someone who actually is going to sell because we track if they don't take an offer from us that they requested. They actually sell elsewhere, which means they listed their home within 60 days. So that's what we track to figure out where they went and what else we're in. Did our offer compare and do we do better or worse in their expectations at the time? I can't quite correlate the 40% to the true seller number to you, but we do track that.
我们讨论的其中一个问题是什么是真正的卖家。我们所定义的真正的卖家是那些实际上会卖掉房子的人，因为我们会追踪他们是否接受我们提出的报价。如果他们拒绝了我们的报价，却选择在其他地方卖掉房子，这意味着他们在60天内将房子挂在了其他地方。所以这就是我们追踪的内容，我们要找出他们去哪里了，我们又参与了什么其他的交易。我们会比较我们的报价与他们当时的期望，看我们是做得更好还是更差。我无法将40%与真正的卖家数量对应起来，但我们确实进行了追踪。
Their alternative is that they don't take an offer from us. They either sit on it and they don't do anything, right? We retain in the system or they typically just list on the market.
他们的替代方案是不接受我们的提议。他们可以选择置之不理，什么都不做，对吧？他们会保留在系统内，或者通常会选择在市场上进行挂牌。
You mentioned before that you pull back a marketing when the spreads wider as it is now. Is there a spread at which you see a really big change in perception of the product and the offer? And you've seen not as a buy of last resort, but as a facilitator of friction reducer?
你之前提到过，当市场扩大，如现在这样时，你会撤销营销活动。在产品和优惠方面，是否存在一个使人们对产品和优惠产生真正大的改变的价差？你是否已经看到它不再是最后的购买选择，而是作为减少摩擦的促进者？
Yeah, there's a without giving away all the secret sauce. There's a point on the curve where the buyer is very elastic, right? And so we're able to come down on spreads and we see a lot more demand. And so the difference between, yes, the answer is short answers. And we understand that curve really well because we've been doing it now for a decade. So we understand that relationship really well.
是的，在不泄露所有秘诀的情况下，有一点在曲线上，买家非常有弹性，对吧？因此，我们能够降低价差，看到更多的需求。因此，是的，答案是简短的回答。我们非常了解这一曲线，因为我们已经这样做了十年。所以我们非常了解这种关系。
Carrie, we have a follow-up for there. Just one more question. In terms of the spreads, just where are you now in terms of capturing the full spread from the home seller versus alternative players in the industry, like mortgage, title?
卡丽，我们对此事有后续。只剩一个问题。就利润率而言，你现在能从房屋销售者那里获得多少利润，相比于行业中的其他参与者，如抵押贷款和产权保险公司？
Back in the day, you guys used to talk about how you could have a deal with Comcast or like Dish or somebody to monetize additional services so that the consumer would be paying less. Apologies if you've talked about this and I was just like, what would love an update there?
在过去的日子里，你们曾经谈论过如何与康卡斯特（Comcast）、迪士尼（Dish）或类似的公司达成交易，以实现额外服务的货币化，以便消费者支付更少。如果你们已经谈论过这个话题，而我没注意到，很抱歉。不过我很想了解一下这方面的最新进展。
Yeah, so that's all about how much are we doing in terms of ancillary services, which we want more of today. It's really title and it's mortgage. And those provide an offset to spread. So the extent that that title, that transaction is coming with title, I can use that to reduce my spread. I can use it to reduce, mortgage is coming. I can also reduce it. So we're focused on those things over time. The roadmap over time is to be able to do all the things you talked about. I should be able to sell you home insurance, a warranty. I'd love to move you. I'm in your home and painting it already. I'd like to make that maybe I can personalize it for you. It doesn't have to be in soju, white. Maybe it can be a house cut in the color of your choice. So there's lots of things we can do on the ancillary side. But again, the watch word for 22 or 23 is that it worked out really well so far. So medium term, we want to get back to the services roadmap. It just hasn't been a core area of focus for us.
是的，关于我们在辅助服务方面的工作量以及我们今天想要更多的情况就是这样。这确实涉及到产权和抵押贷款。它们可作为一种弥补来平衡。因此，如果产权和交易一起提供，我可以用它来降低我的利差。我也可以用它来减少抵押贷款。所以我们一直在关注这些事情。长期来看，我们的规划是能够做到你所谈到的所有事情。我应该能够为你销售房屋保险、质保。我很愿意帮你搬家。我已经在你的家里帮你刷油漆了。我希望我可以按照你的要求进行个性化定制。它不必是搜染的白色。也可以是你选择的颜色。因此，在辅助服务方面我们有很多事情可以做。但是再次强调，到2022年或2023年，一切都进展得非常顺利。中期来看，我们希望回到服务规划上。只是这一直不是我们关注的核心领域。
Earlier in our discussion, you mentioned some of the partnerships, and you guys have expanded the Asian Access Program. You guys went live with a Zillow partnership in 25 markets. I was just wondering if you could talk about those in a little bit more detail and the strategic role.
在我们之前的讨论中，你提到了一些合作伙伴关系，而你们还扩大了亚洲进入计划。你们与Zillow在25个市场开展了合作。我只是想知道你能否详细谈谈这些合作和战略角色。
Some of the partnerships that are really important for two reasons. One is they allow us to basically distribute to more customers. And two, we can do it in a way that's very attractive from a customer acquisition cost standpoint because their economics are fixed. And as you said, it's across all three vectors.
一些合作伙伴关系非常重要，有两个原因。首先，它们使我们能够将产品分发给更多的客户。其次，我们可以以吸引人的方式完成这一点，因为从客户获取成本的角度来看，他们的经济情况是固定的。正如你所说的，这适用于所有三个方面。
So for homebuilders, even in relationships with them, I'm 90 homebuilders now for about six years. And that's a perfect trade in customer for us, right? You're at the showroom on the weekend. You want to buy a new home. You have a home. You have to sell it. You're a contingent buyer. Call open door. We work hand in glove. We can unlock the equity number like in that moment. And we can line up the closing dates. So that's a great relationship for us.
对于房屋建筑者而言，即使在与他们的关系中，我现在已经与90个房屋建筑者合作了大约六年。这对我们来说是一个完美的客户贸易，对吧？你在周末到展示厅看房。你想要买一套新房。你已经有一套房子，你需要卖掉它。你是有条件的买家。打电话给OpenDoor（某公司）。我们紧密合作。我们可以立即解锁房屋的权益数字。并且我们可以安排好交房日期。所以这对我们来说是一个很好的关系。
The other component is agents, which has been very successful for us. I think we said last quarter. We didn't break down the actual contribution from agents, but we were seeing massive repeat business from agents. And we are creating these programs like the Agent Access Program to incentivize and reward agents who are doing repeat business. About half of them, frankly, we work with, have done business with us prior.
另一个组成部分是代理商，对我们来说非常成功。我记得上个季度我们说过。我们没有详细说明代理商的实际贡献，但我们发现他们带来了大量的回头客。我们正在推出诸如代理商访问计划之类的项目，以激励和奖励那些与我们有过多次合作的代理商。坦白说，我们与他们中的大约一半是以前有过合作的。
The unlock with agents is that they really think about the business. And I actually was sitting in this meeting with one of the major brokerages in the country. And they said something that was amazing, which is as fiduciaries, our job is to avail our customer of all of our choices, right? And you're not doing your job. You don't show up at that meeting with an open door offer, which might be their backstop. And this is what listing would look like in yada yada yada. That's music to our ears. So we view us as partners to agents and we're just a tool in the toolkit.
与经纪人合作的好处在于他们真正思考业务。事实上，我曾坐在全国一家主要经纪公司的会议中。他们说了一句令人惊讶的话，即作为受托人，我们的工作就是向客户提供所有的选择，对吧？如果你没有提供这样一个可能成为他们最后手段的开放性优惠，那你就没有履行好你的职责。这就是房源等等的样子。这对我们来说是一种音乐。所以我们把自己视为经纪人的合作伙伴，我们只是工具箱里的一个工具。
And then we've got the online real estate portals, Zillow, Redfin, Realtor. And again, this is about massively increasing our distribution. You mentioned Zillow. We have a really attractive partnership with them. It's early days. We're super excited about it. 25 markets now. And that's just, you know, if you're online and you're looking at real estate, like a lot of us do late night and you're thinking about maybe you want to list your home and call an agent. Up pops open door. You want to cash offer? So it's very synergistic. So again, it's about increasing the scope of distribution at a very attractive cack for us.
然后我们还有在线房地产门户网站，如Zillow、Redfin、Realtor。再说一次，这是为了大规模增加我们的分销渠道。你提到了Zillow。我们与他们有一个非常有吸引力的合作伙伴关系。现在还处于早期阶段，我们对此非常兴奋。目前已经在25个市场推出了这个合作计划。对于那些在网上看房产，比如我们很多人晚上熬夜时，在思考要不要找一个经纪人来帮忙列出房屋出售的时候，就会出现Open Door的现金报价。这是非常协同的。所以，再次强调，这是为了以非常有吸引力的成本带来更广泛的分销范围。
Great. Well, we're just about time. So that's an excellent way to wrap up the session. Carrie, thank you so much.
太好了。好的，时间差不多了。这是一个很棒的方式来结束本次活动。Carrie，非常感谢你。
Thank you so much. It's such a privilege to be able to host you here. Yeah, appreciate it. Thank you very much. Bye. Thank you.
非常感谢你。能够在这里招待你真是一种荣幸。是的，非常感激。非常感谢你。再见。谢谢你。